IFC s Experience in Financing Airports Queen Alia Airport: A Case Study. Dubai, February 23, 2011

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1 IFC s Experience in Financing Airports Queen Alia Airport: A Case Study Dubai, February 23, 2011

2 Content IFC An Overview IFC s Activities in Infrastructure, and IFC s Experience in Financing Airports Case Study: Queen Alia Airport Financing 2

3 IFC is a Member of the World Bank Group IBRD International Bank for Reconstruction and Development IDA International Development Association IFC International Finance Corporation MIGA Multilateral Investment and Guarantee Agency Est Est Est Est Role: To promote institutional, legal and regulatory reform To promote institutional, legal and regulatory reform To promote private sector development To reduce political investment risk Clients: Governments of member countries with per capita income between $1,025 and $6,055. Governments of poorest countries with per capita income of less than $1,025 Private companies in 179 member countries Foreign investors in member countries Products: - Technical assistance - Loans - Policy Advice - Technical assistance - Interest Free Loans - Policy Advice - Equity / Quasi-Equity - Long-term Loans - Risk Management - Advisory Services - Political Risk Insurance Shared Mission: To Promote Economic Development and Reduce Poverty 3

4 IFC over $40 billion Invested in Emerging Markets since $20bn 15 $15bn 10 $10bn Total IFC commitments FY2005-FY2010 IFC s own account Mobilization* Loan Participants Highlights FY10 Committed $12.7 billion FY10 Syndicated $5.3 billion Portfolio: Committed $48.8 billion # of companies 1,656 $5bn $0 5 0 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 Middle East and North Africa 12% Latin America and the Caribbean 24% Commitments for IFC s Account: $12.7 Billion Global 1% Europe and Central Asia 23% Sub-Saharan Africa 19% East Asia and Pacific 13% South Asia 8% Participates only in private sector or PPP ventures on a commercial basis Finance up to 25% of project cost from own account Provide Debt, Equity and Quasi- Equity Long-term Debt (typically 8 to 15 years for airports) Loans in all major currencies and several local currencies; variable or fixed interest rates Equity: typically 10-15% of project company equity 4

5 IFC s Activities in Infrastructure 5

6 IFC Financing in Infrastructure Power Infrastructure Generation Distribution Transmission Created in 1992 to address market need Current portfolio: US$5.3 billion FY08 Commitments: US$2.5B 100+ dedicated professionals in Washington and 8 regional hubs IFC InfraVentures Early-Stage Capital Project Developer Infrastructure: Infrastructure Created in 1992 to address market need Utilities Water Waste Gas Distribution Privatized Public Services Portfolio (Aug. 09): US$5.5 billion FY10 Commitments: US$1.5B 100+ dedicated professionals in Washington and 7 regional hubs Transport Infrastructure Airports Roads Ports Transportation Services Logistics Shipping Airlines Rail/Buses 6

7 Total IFC Infrastructure Portfolio (June 2009) By Region, in US$ Billion By Sector, in US$ Billion Southern Europe and Central Asia 12% Sub-Saharan Africa 8% Central and Eastern Europe 7% East Asia and Pacific 16% Utilities; 10% Other, 4% South Asia 17% Transport; 31% Power; 55% Middle East and North Africa 14% Latin America & Caribbean 26% Total Committed Portfolio US$5.5 Billion 7

8 IFC s Experience in Financing Airports 8

9 Airport Projects Financed by IFC (US$ Million) Country Project Year Cost IFC Net Synd./Para. Uruguay Punta del Este Dominican Rep. Aerodom 2004, Costa Rica San Jose Cambodia Phnom Penh/Siem Reap 2004, Jamaica Montego Bay 2002,5, Philippines* Manila Peru Lima 2007 N.A Georgia Tbilisi Jordan Queen Alia Tunisia Enfidha/Monastir Russia Pulkovo , Total 4, ,420 *Approved but not disbursed 9

10 What IFC Looks for in Airport Projects Transparent concession award process Bankable concession contract Strong sponsors and professional management Realistic market expectations and projections Robust financing structure and projections Government commitment 10

11 Political risk mitigation Benefits of IFC s Involvement Long-term lender and equity investor Substantial experience working with the private sector on infrastructure projects in emerging markets (over 15 years of global airport financing experience) In-house expertise (engineering, legal, insurance, etc.) Leader in environmental and social issues Ability to mobilize financial resources; play a catalyst role for other investors and lenders 11

12 Queen Alia Airport Financing 12

13 The need for a new terminal. Background and Project Concept Queen Alia is main airport in Jordan, located about 36 km from Amman Existing terminal is old: opened in reaching saturation Airport could be expanded because of availability of space within airport area The tender for a new terminal won by the Sponsors in May 2007

14 Existing Terminal: Landside View 14

15 Existing Terminal: Airside View 15

16 The Sponsors Aeroport de Paris Management (AdPM), which is the division of Aeroport de Paris responsible for airport investment, operations and management services outside France. AdPM operates a number of airports including in China, Egypt, Mexico, Algeria and Belgium. J&P Overseas is the holding company of a Cyprus-based construction group, with experience in Europe, the Middle East, Asia and Africa. J&P Avax is the Greek subsidiary of J&P Overseas, with experience in Europe, the Middle East and Africa. Abu Dhabi Investment Company (ADIC), or Invest AD, which is owned mainly by the Abu Dhabi Investment Authority. Engineering and Development Group (EDGO) is an investment group based in Amman. Noor Financial Investments (Noor), which is a Kuwaiti financial investment company. 16

17 Project Description Project description: Construction of a new terminal at Queen Alia airport in Amman with initial capacity of 9 mppa, Upgrade of the existing terminal (landside and airside facilities), and Operation of the airport under a 25-year concession The project company (Airport International Group) was created in June 2007 to hold the concession contract, and construct and operate the project Airport International Group took over operational control of Queen Alia Airport in November 2007 Project cost is currently about US$795 million, including the construction of the new terminal and upgrade of the existing terminal, as well as financing and other costs The EPC Contractor is J&P Overseas and J&P Avax, and the Operator (O&M) is AdPM

18 Additional Key Facts About the Project Traffic: Traffic & Competition 5.4 million pax in 2010 Strong growth over last 10 years (CAGR: 8.6%); Growth in % and in % International (~ 85%) Essentially from the Middle East and Europe, and also Africa, North America and Asia/Pacific About 55% of passenger traffic carried by Royal Jordanian Structure: Revenues & Concession Fees Aeronautical revenues: 70%-80% Commercial revenues: 20%-30% Aeronautical revenues are regulated by government Currency: Majority of revenues in JD although JD pegged to US$ Concession Fee: 54.5% of revenues on average

19 IFC s Overall Assessment Main Strengths Relatively stable, established traffic Overall adequate concession contract (certain clarifications were required and obtained) Contractor (J&P) with strong track record in construction Operator (AdPM) with strong track record in operations Take over of a large asset and related complexity Construction risks Main Risks Relatively high concession fees Large portion of traffic with one airline Strong support from government Overall, risk profile of an expansion project

20 IFC s Financing IFC was mandated by the Sponsors from the beginning, in May 2007, to arrange the financing of the project IFC s assessment was that it could arrange a large portion of the debt financing, through long-term IFC A, B and C loans, with the IFC C loan having a long grace period After due diligence process, IFC agreed to provide: an IFC A loan of 17 years, including a grace period of about 4 years, and an IFC C loan of 18 years, including a grace period of 15 years And IFC agreed to arrange a long-term syndicated IFC B loan, whose tenor came at 16 years, including 4 years of grace IsDB agreed to provide, like the IFC A loan, an IsDB loan of 17 years, including a grace period of about 4 years The structure of IFC s A and C loans and the IsDB loan enabled to have debt service coverage ratios at satisfactory levels, based on the profile of the cash flow projections 20

21 Financial Plan and Contingent Financing Financial Plan US$ Million % of Total Equity Cash Generation from Existing % Terminal + Sponsors Equity Total Equity % Long-term Debt IFC A Loan 70 9% IFC B Loan % IFC C Loan 40 5% IsDB Loan % Total Long-term Debt % Financial Plan: Conservative debt to equity ratio Long-term Debt Financing: IFC A Loan: 17 years, incl. 4 years grace IFC B Loan: 16 years, incl. 4 years grace IFC C Loan: 18 years, incl. 15 years grace IsDB Loan: 17 years, incl. 4 years grace Contingent (or stand-by) Financing: For project completion, in addition to funding under the Financial Plan: From Sponsors: US$ 35 million Total Financing % From IFC: US$ 10 million 21

22 Contractual Structure Ministry of Transport Sponsors Queen Alia Airport Concession Equity Financing Airport International Group O&M Contract Airport de Paris Management Financiers Debt Financing Long-term Commercial Contracts EPC Contract Commercial Activities J&P 22

23 Progress Since Financial Close Financial close with signing of all financing agreements occurred in November 2007 The IFC B loan was provided by Europe Arab Bank, Calyon, Natixis, CIC, Piraeus Bank and Alpha Bank The project company incorporated a design variation in the project mainly to increase the area of the new terminal allocated for commercial activities additional construction costs are covered with Sponsors equity and cash generation given higher than projected traffic The upgrade of the existing terminal has been completed; the new terminal has faced some construction delays and is expected to be operational by mid

24 Queen Alia Airport After expansion 24

25 Thank You 25

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